Kenya Explores Move to Store Gold in UK Amid Dollar Swings

The move comes after Kenya recently converted its dollar-based Chinese loans into the yuan...

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Kenya is exploring the storage of its gold reserves at the Bank of England, as revealed by CBK Governor Kamau Thugge. This move is part of Kenya's plan to diversify its national foreign holdings with gold, which has significantly increased in value.

Kenya plans to buy gold to diversify its reserves, currently at $11 billion (Ksh1.4 trillion).
Talks have been held with the Bank of England and other banks regarding gold storage.
The price of gold has more than doubled in the last two years, exceeding $4,200 (Ksh542,640) an ounce.
CBK Governor Kamau Thugge expressed caution about late entry into the gold market due to potential price reversals.

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